Cheap but Going: Apartments in Athens, Cities, Islands, Near Beaches

The National Herald Archive

The beach at Vouliagmeni located near the Patio Restaurant at the Margi Hotel. Photo by C messier, Creative Commons license, via Wikimedia Commons

Greece’s seven-year-long economic crisis has created a plethora of apartments for sale cheap with owners crushed by taxes and empty units desperate to unload them but there are signs they might not last much longer.

That was the assessment of a report in Forbes magazine which focused on the ocean of empty apartments in central Athens, where some streets are also a ghost town of empty storefronts and most buildings are covered with decades of grime, filth and graffiti.

The report said this has ironically created great opportunities to buy low in areas that because of their access to services are otherwise good locations, including in other major Greek cities, even properties with a view of ancient monuments such as the Acropolis and that there’s other great properties near beaches and on islands.

Since 2009, real estate prices have tanked with no end in sight. The Greek Home Price Index has dropped from 100 in 2009 to 59.6 in 2017. A popular asset has turned into liability even in the hottest property areas of the country. “The real estate market has been following a bad Greek economy,” Athens-based attorney, Kiriaki Perou told the magazine.

If the economy recovers, the market could turn around and see prices rise again though.